When looking for a new apartment in Chicago, you must consider not only the monthly rent but also the cost of utilities.
Apartment tenants should budget $100-$150 per month for utilities, according to U.S. News, but these figures might vary based on the building and what they cover.
Electricity, gas, and internet/cable costs are normally your responsibility in most apartments, as the building typically covers water, sewer, and garbage.
Power: In Chicago, the average monthly cost of electricity is $105.49. This will most certainly be the most expensive of the utilities, especially during the summer when the air conditioner is continually on. Some businesses offer even billing to cope with pricing fluctuations throughout the year. Even billing is calculated by taking the average of your energy usage over the course of the year and calculating an even monthly base charge.
Petrol: The average monthly cost of gas in Chicago is $96.99. Your gas payment will be the inverse to assist offset the costs incurred during the warmer months when electricity spikes. Your gas bill will climb when the temperature drops, and vice versa.
Internet: In Chicago, the average cost of internet (60Mbps) is $61.15. This fee may vary depending on the internet speed you require. You can save a little money here if you don’t mind a slower connection.
Cable: The average cost of cable in the United States is $100. As cable alternatives gain hold, you may be able to save money by opting for a less expensive package that just includes a handful of your favorite channels. Sling TV, which costs $35 per month, Hulu with Live TV, which costs $64.99 per month, and YouTube TV, which costs $64.99 per month, are just a handful of the cable alternatives available.
Water: The average cost of water in the United States is $40, but you won’t have to worry about this in your apartment.
Sewer/Garbage: The city of Chicago levies each unit a $9.50 monthly garbage fee, although your apartment building will most likely manage this.
It’s time to start looking for an apartment now that you’ve added utility expenditures to your monthly budget.
Working with an expert Luxury Living broker can assist you in estimating a suitable monthly range for utility bills in your new apartment and provide advice on how to properly budget for city life.
How much does the average Chicago energy bill cost?
Electricity is the most expensive of all the different utilities. In Chicago, the average cost of electricity is 14.8 cents per kWh. To give you an idea, a 750 square foot apartment uses 750 kWh a month on average.
Given this, the average monthly cost of power in Chicago is $105 per month. However, the price varies depending on the service provider.
Of course, the cost of your appliance, the amount of heat or air conditioning you require, and your consumption habits all play a role.
How much does the average Illinois energy bill cost?
According to the EIA, the Department of Energy’s statistical arm, Illinois’ average monthly bill in 2018 was $94.98, far below the national average of $117.65. In reality, Illinois has the country’s fifth lowest average bill. Utah is the lowest at $77.25, while Hawaii is the most expensive at $168.13.
How much does it cost to heat a home in Chicago?
According to a Crain’s study based on data from Peoples Gas and gas-price futures, the average Chicago household’s five-month heating bill will be roughly $938, or $188 per month on average, assuming regular winter weather. According to a representative for Peoples, the prediction matches what they expect.
That would be a 35 percent rise over last year’s average household gas bill of $693, or $139 per month, during the entire five-month heating season.
In the suburbs, the growth is projected to be larger. Nicor Gas estimates a five-month heating expense of $674, or $135 a month, for the average household in its vast suburban zone. This is up from $455 last season by 48 percent.
Residents may be surprised by these fees, but this issue has been years in the making, with plenty of warnings. Peoples, which services the city of Chicago, and Nicor are both charging significantly more for supplying fuel to homes and businesses than they used to. This is due to massive infrastructure spending, which they are recouping from ratepayers and profiting from. The financial burden for consumers has been mitigated by historically low gas prices over the last several yearsutilities do not profit on commodities purchases and pass them on to ratepayers at cost.
However, rock-bottom commodity prices do not last indefinitely. Companies and authorities must now prepare for a housing affordability issue, especially in the city.
“So many people in the city are already having difficulties paying their bills,” says David Kolata, executive director of the Citizens Utility Board, a consumer advocacy organization. “This is a moment of truth that had been waiting to happen for a long time. The out-of-control infrastructure investments have been partially covered.”
Average Cost of Living in Illinois: $43,981 per year
According to the Missouri Economic Research and Information Center, Illinois has the tenth lowest cost of living in the United States in the third quarter of 2021. (MERIC ). Only Iowa is less expensive than its immediate neighbors and only by a single ranking place.
The Bureau of Economic Analysis analyzes personal expenditures by state, and according to the bureau’s 2020 data, an Illinois citizen spends $43,981 per year on average.
Let’s look at each of these categories, as well as a few more, in more detail.
Housing Costs in Illinois
Housing is the single largest expense for many Americans. Payments on a mortgage or rent account for a large portion of the monthly budget.
However, housing is one of those expenses that is highly dependent on where you live: not only the state, but also the city.
According to Zillow data from September 2021, the average house value in Illinois is $241,126. According to Refin, the median sale price is $266,000. According to the National Association of Realtors, these figures are much lower than the average existing-home sale price in the United States for the same month, which was $352,800.
Furthermore, the expense of housing in major cities such as Chicago boosts the averages. As we’ll see, many Illinois population areas have median home prices in the five digits rather than the six digits, and even Chicago homes are reasonably priced, especially for a significant U.S. metropolis.
According to Zillow statistics from September 2021, these are the average home values in a range of Illinois cities. (Values with an asterisk are up to date as of August 2021.)
Utility Costs in Illinois
Is there a roof over your head? Check. Now for the utilities that make it livable: power, water, gas, and an internet connection.
While individual utility costs vary people use varying amounts of each service depending on their lifestyles here are some averages to help you estimate how much you might expect to spend on utilities in Illinois on a monthly basis.
Groceries & Food
Illinois food is much more than corn or even Chicago-style hot dogs and pizza. But, in the Prairie State, how much does it cost to feed yourself and your family?
According to the Bureau of Economic Analysis, the average Illinois resident spends $3,277 per year on non-restaurant food and beverages, or $273 per month per person. That works out to around $546 each month for a married couple, or $1,092 for a family of four but keep in mind that this average ignores the fact that children eat less than adults, and that some adults eat less than others!
However, the location is equally important. The Council for Community and Economic Research publishes a cost-of-living index for major American cities on a regular basis, which includes information on supermarket prices. According to its second-quarter 2021 data, here’s how some big Illinois cities stand up when it comes to how much you can anticipate to pay at the grocery store.
Transportation
Even in the huge metropolis, many residents rely on private vehicles to get around, and regardless of how you get around, you’ll pay for it.
While a family’s specific travel costs will vary depending on their habits, MIT’s Living Wage Calculator can give you a good idea of how much you can anticipate to spend on transportation each year.
Health Care
The average Illinois citizen spends $6,873 per year on health care, or $572.75 per month, according to the same Bureau of Economic Analysis data used in the initial expenditure breakdown above.
Of course, if you have children that are always running and bouncing about the playground, or if you are a sports fanatic, you may want to invest more. Alternatively, depending on your health-care plan, you may spend less if you eat healthily, exercise often, and aren’t prone to accidents.
Child Care
Child care costs in Illinois range from $1,016 to $1,182 a month for each child.
Taking care of the kids: It’s some of the most rewarding labor there is, but it’s also a lot of work, and you normally have to pay someone else to do it when you have another job.
Does it appear to be costly? The Illinois Department of Human Services provides tools for low-income families throughout the state to help them find inexpensive child care.
Taxes
Unlike many other states in the US, Illinois has a single income tax rate, which means that all eligible taxpayers in the state pay the same rate, regardless of their income level.
The good news is that, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2021, that rate is only 4.95 percent. While it isn’t the lowest in the country (apart from the seven states that have no state income tax), it is significantly lower than neighboring Iowa’s highest marginal tax rate of 8.53 percent or Wisconsin’s 7.65 percent.
Miscellaneous Costs
After you’ve taken care of the essentials, it’s time to relax and enjoy yourself. Where may some of that money be going if Illinois people spend an average of $25,417 on non-essential personal expenditures? (As of November 9, 2021, prices are correct.)
- Tickets to a Chicago Cubs home game at Wrigley Field start at under $20, according to SeatGeek, but may cost hundreds of dollars if purchased from third-party vendors near game time.
- Admission to the Art Institute of Chicago, which was created by a group of artists in 1879, is as follows: Adult tickets start at $14 for locals, but non-Chicago visitors will pay at least $25, barring any reductions.
- Burt’s Place, the No. 1 pizza place on Eater Chicago’s list at the time of writing, had a large pepperoni pan pizza for $22.75 before beverage, sides, or tip.
The good news is that there is no shortage of free things to do in Illinois. For starters, every one of its many beautiful state parks is free to visit, though camping fees may apply. Additionally, tours of the Abraham Lincoln Home in Springfield are free (but parking may cost $2). Chicago is also recognized for its numerous public parks and art displays, such as Cloud Gate, sometimes known as “The Bean,” which is free to stroll up to and view at Millennium Park.
How much do utilities cost in Chicago per month?
Services and Utilities The average cost of utilities in Chicago is $132, which includes gas, electricity, water, and rubbish collection. Chicago’s utilities are around 7% less expensive than the rest of the country. In Chicago, home internet service adds around $68 to your monthly budget.
Is power in Illinois expensive?
On local sites that break down price comparisons and overall cost, Illinois energy customers can find a complete list of Certified Electric Illinois utilities.
In 2019, the average home electricity tariff in Illinois was 13.03 cents per kWh. The state’s residents are known for being energy efficient, with the 14th lowest average usage in the country. When compared to the rest of the United States, all of this adds up to a fairly low electricity bill. In 2018, Illinois had the 7th lowest average electricity cost in the USA, at $94.98.
What is the best way to estimate my electric bill?
You’ll need to find out how much energy each of your appliances and electronic devices use in order to compute your electric bill. Estimating your electricity usage would be as simple as looking at an itemized supermarket ticket in an ideal world. You’d be able to see just how much you spend on the dishwasher, laundry, TV, and a month’s supply of hot water. That technology is growing closer every day, but for now, you’ll have to perform some arithmetic or spend some money to get an appliance-by-appliance analysis.
What does it cost to live in Chicago on a monthly basis?
The average cost of living in Chicago for a single individual without rent is $980, according to Numbeo. Without rent, this comes to around $3,500 for a four-person family. This indicates that a single person earning the national average may expect to pay $3,043 per month for a 45 square meter studio apartment.
Which utility bill is the most expensive?
$413.14 for Hawaii As previously stated, Hawaii has the highest average electricity bill in the US. Hawaii homes pay an average of $168.21 per month for energy. Connecticut, with $150.71, is the only state that comes close.